The banks either did this themselves or had a company that did it for them. They physically flew checks to the city of the bank they were written on, because flying the plane was cheaper than one day's interest on a billion dollars worth of checks.
This stopped, IIRC, back in the 1990s, once electronic settlement got fast enough.
The banks either did this themselves or had a company that did it for them. They physically flew checks to the city of the bank they were written on, because flying the plane was cheaper than one day's interest on a billion dollars worth of checks.
This stopped, IIRC, back in the 1990s, once electronic settlement got fast enough.